The debate over when to buy a West Knoxville or Farragut home can be a difficult one. During the winter, the Knoxville real estate market can slow down and cold weather can deter people from wanting to move during this time. With mortgage rates at record lows and home prices slowly increasing, certain factors in the West Knoxville and Farragut housing market are making buying a home this winter even more appealing. If you’re on the fence about buying a West Knoxville or Farragut home this winter, here are a few reasons why buying this winter could benefit you.
While housing affordability in Knoxville still is historically low, the affordability is not bound to stay this low very long. Many housing indexes, including Case-Shiller and CoreLogic, are showing that housing prices are slowly beginning to rise. One reason that home prices are credited for rising is that housing inventories are slowly shrinking. With prices rising and inventories shrinking, this winter could be a great time to snag a great deal. This winter home prices will still be low and there are likely less buyers shopping due to the time of year, which could give you a wide range of homes to choose from.
Much like home prices, mortgage interest rates are not bound to stay at the low levels where they currently are. If you’re in a place where you could buy a West Knoxville or Farragut home this winter, it would be to your benefit to buy when mortgage interest rates are still low. There is no saying what will happen with interest rates will during this spring and summer.
Finally, buying a home could be your most cost effective housing option right now, since rents are projected to rise. If you buy a home this winter, you could secure a low interest rate and get a good price on a home, which will benefit you in the future. You can buy a home a now and when it comes time to sell, you can make a decent profit.
Are you thinking about buying a West Knoxville or Farragut home? Please let us know if there is anyway that Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. Or, you can contact Kati at 865-392-5880 or via email at [email protected]. Also, be sure to check out our West Knoxville and Farragut Home Search Page to see what homes are for sale in the area.